Circle Falls 70% to $85 After Q2 Revenue Miss as 140 Firms Back Open USD

1 articles · Updated · Yahoo Finance · Aug 23

$85 shares leave Circle more than 70% below its $299 peak a year after its June 2025 market debut, with the latest slide following a Q2 2026 revenue miss despite an earnings beat.
The selloff deepened as Open USD—an upcoming rival stablecoin backed by a consortium of 140 companies—emerged weeks before earnings, adding to doubts about USDC's growth in a weak crypto market.
Circle still points to expansion drivers: USDC on-chain transaction volume is rising, USDC in circulation is up 19% from a year earlier, and its Arc blockchain network has nearly 100 ecosystem partners.
The company is also pursuing broader financial use cases through an OCC-approved trust bank and new partner integrations, but investors are weighing those initiatives against tougher competition and stalled U.S. crypto legislation.